Gold testing the top of the channel
Gold test on the top of the channel might result in rejection as the price fall below $1,500. At the current time, the trade talks between the U.S and China are in progress. We could regard the current movement as a speculative movement and wait for the final reaction before jump into a conclusion. Meanwhile, we could not rule out the chance that could reverse and close above $1,500 by the end of the day.
Today critical levels to watch:
Support: $1,480, $1,450, $1,430
Resistance: $1,500, $1,550
Silver rejection from $17.73
Silver reacted negatively at the resistance level and we have the price fall below the previous day bearish pin bar low. It could mean the price set to continue its bearish trendline toward $16.80 – $17.00 area. However, the bear needs a daily close confirmation first to ensure current bearish pressure will continue.
Today Critical levels to watch:
Support: $17.00, $16.80, $16.50
Resistance: $17.50, $17.73
Crude oil bounced from the bottom of the channel
No close below $52.40 even though crude oil continuously under pressure. The price holds out the bearish pressure and today we might have a bullish pin bar pattern. If crude oil starts moving higher then we could expect it will test the top of the channel or $54.50 resistance.
Today critical level to watch:
Resistance: $54.50, $55.80, $57.60